Archive for 'Business Consulting'
Tips for Creating Your 2010 Business Budget
Posted on 04. Jan, 2010 by admin.
Believe it or not, the New Year is just around the corner, leaving many business owners scrambling to create a business plan for 2010. A sound budget is one of the cornerstones of any enterprise, large or small, and taking the time to plan ahead makes all the difference in crafting a realistic plan that will help your business grow stronger and more profitable.
If you’re a small business owner tasked with budgeting your resources for next year, keep the following tips in mind:
Budget conservatively: It can be difficult to accurately predict income or expenses, so err on the side of caution. Assume that costs will be higher than anticipated and that income may be lower, and then craft a budget tailored to those pessimistic figures. You’ll be prepared for the worst, and if business in 2010 is as good as (or better than) you hope, it will come as a happy surprise.
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Who Can Benefit From QuickBooks Training?
Posted on 21. Dec, 2009 by admin.
Hint: It’s not just people who own their own businesses or work in accounting.
QuickBooks is by far the most popular accounting software among small- to medium-sized businesses, sole proprietors, work-at-home moms, and anyone who wants to keep track of their own billing, invoicing, and finances. Although there are plenty of competitors out there, none come close to rivaling the stability and features of QuickBooks. It hooks in seamlessly to other applications, is compatible with virtually all computer systems, and has a simple, user-friendly interface.
Although it’s easy to get up and running with QuickBooks, you could just be scratching the surface of what it has to offer. Some basic training will help you uncover hidden features and capabilities, taking you beyond the basics to get the most out of your software.
QuickBooks training can serve as a significant benefit for administrative assistants, office managers, secretaries, virtual assistants, financial services professionals, independent entrepreneurs, and anyone who works with budgets.
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Tax Records: To Shred or Not to Shred?
Posted on 14. Dec, 2009 by admin.
As we approach the end of another calendar year, it can be tempting to clear out all those backlogged tax files and start fresh for 2010. But don’t start feeding all those old records to the shredder just yet—first, consider the following.
As a general rule, CPAs recommend hanging onto the past three years’ worth of tax records. That’s equivalent to the federal government’s statute of limitations for questioning or auditing your tax information. There are a few exceptions—some states have up to four years to examine your return, and the statute can be extended or removed in cases of fraud, significant income omission, or tax evasion. But taxpayers who have filed in a timely manner and paid any outstanding taxes by the due date can confidently purge any records three years after the date the return was filed.
It’s important to note that the three-year rule only applies to supporting documents and information related to your tax return. Other records, specifically those that detail capital assets, should be kept until the end of the statute period following their liquidation. Below are some examples:
• Tax returns: Although supporting documentation can usually be purged after the three-year mark, it’s wise to keep the actual returns themselves. These can prove invaluable in securing a loan or applying for insurance.
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Year-End Tax Planning 2009
Posted on 07. Dec, 2009 by admin.
As we head into the heart of December, it’s time to start planning year-end tax strategies. There are several ways to maximize your 2009 savings by minimizing your taxable income through smart deductions. Below are a few tips:
Retirement contributions: If you haven’t already reached the limit, now is the time to max out your contribution to your corporate 401K account. If you don’t work for a company, you might also consider contributing to a traditional IRA or SEP (self-employed) IRA. Your CPA can help you identify which retirement plans must be funded before the end of 2009, and which can be funded after the New Year.
New vehicle deductions: Are you planning to buy a new car, truck, motorcycle, or RV in the coming year? If you complete the purchase before the New Year, you may be eligible to write off the sales tax as a deduction, depending on the amount of your total household income.
Homebuyer and homeowner credit: In 2009, legislature was passed that granted first-time home buyers up to $8,000 in tax credits. This deduction is limited to taxpayers who have not bought a home in the last three years and whose incomes are below the maximum limit. If you’re planning to purchase a home in the near future, doing so before the end of the year will increase your 2009 tax savings. In addition, current homeowners may be eligible to deduct up to $6,500 in tax credits.
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4 Tips for Getting Through an Audit…and How a CPA Can Help
Posted on 10. Nov, 2009 by admin.
Most business owners would rather suffer through a root canal than be subject to a tax audit. Even for those who keep meticulous records and adhere to all state and federal regulations, the auditing process can involve weeks of anxiety and tedious red tape. Without professional guidance, most taxpayers don’t have the information or the confidence to defend them against an audit.
Although there’s no surefire way to bullet-proof yourself against a tax audit, a good CPA can help make the process less painful by offering helpful tips like these:
1. Keep records for at least the past three years. The IRS typically initiates audits within 18 months of a filing, but by law they have up to three years before the statute of limitations ends. By having all of your forms and receipts organized and easily accessible, you’ll greatly reduce stress in the event of an audit. When you work with a CPA, you’ll receive all of the year’s tax documents neatly packaged for your files.
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